Improved Two-Unit
New
For Sale
$619,000
480 NE 18TH St, Gresham, OR 97030
MultiFamily, Gresham, OR
Property Size2,610 SF
Lot Size0.19 Acres
Price / SF$237.16
Days on Market3
Property Features for 480 NE 18TH St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
LDR-5
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bedroom 4, Bedroom 5, Bedroom 6, Bathroom 2, Bathroom 1, Bedroom 2, Bedroom 3, Bedroom 1, Bathroom 3
Subdivision
NORTH CENTRAL
View
Territorial
Elementary school
Highland
Middle school
Clear Creek
High school
Gresham
Directions
Burnside and Kelly turn north then street becomes NE 18th
Standard status
Active
APN
R313648
Size
2,610 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Description
WY EAST, BLOCK 3, LOT 2
Tax Annual Amount
6887
Legal Description
WY EAST, BLOCK 3, LOT 2
Utilities
Heating system
Forced Air
Amenities
fenced backyard
Building Details
Year built
1978
Floors in Building
2
Number of units
2
Roof type
Composition
Listing Agency:
Realty One Group Prestige
(503) 205-0614
Listed By:
Jules Williamson
(503) 498-8123
Added: Oct 17
Changed: Oct 19
Last Checked: Oct 19 at 11:06PM
MLS# 433997688
Copyright © 2026 Regional Multiple Listing Services. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This 1978 duplex contains two 3-bedroom, 1.5-bath residences, each measuring 1,305 square feet. Together, the units provide 2,610 square feet on a 0.19-acre lot. Each residence has a one-car garage, driveway parking for two vehicles, and a fenced backyard; additional space accommodates RV parking. LDR-5 zoning applies.
Recent work includes high-efficiency electric furnaces, HardiePlank siding, windows, and a roof. Interior finishes differ between the units: one has LVP flooring, while the other has engineered hardwood. Both residences are occupied by month-to-month tenants who have expressed interest in staying.
The property is near shopping, bus lines, and schools. Its two-unit configuration, separate garages, outdoor areas, and completed improvements are practical features of the existing rental setup.
Recent work includes high-efficiency electric furnaces, HardiePlank siding, windows, and a roof. Interior finishes differ between the units: one has LVP flooring, while the other has engineered hardwood. Both residences are occupied by month-to-month tenants who have expressed interest in staying.
The property is near shopping, bus lines, and schools. Its two-unit configuration, separate garages, outdoor areas, and completed improvements are practical features of the existing rental setup.
Key Highlights
- Two 3‑bedroom, 1.5‑bath units, each with 1,305 square feet
- New high‑efficiency electric furnaces, HardiePlank siding, windows, and roof
- One‑car garage and driveway parking for two vehicles at each unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$34,655
Cap Rate
5.60%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$693,100
$693.1K
Cap Rate 7%
$495,071
$495.1K
Cap Rate 9%
$385,056
$385.1K
Market Conditions
NOI Build-Up for 2,610 SF
Gross rent
$51.7K $19.80/SF
− Vacancy
−$2.2K −$0.83/SF
EGI
$49.5K $18.97/SF
− OpEx
−$14.9K −$5.69/SF
NOI
$34.7K $13.28/SF
Area
Gresham, OR
Vacancy
4.20%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$693,100
Cap Rate 7%
$495,071
Cap Rate 9%
$385,056
Alternative Uses
Best Use
Multifamily LT 5
$495.1K
$433.2K – $577.6K
NOI $34,655 @ 7.0% cap · market cap 5.60%
Second Best
Apartment 5plus
$445.1K
$389.4K – $519.2K
NOI $31,154 @ 7.0% cap · market cap 5.03%
Theoretical Best
Office A
$596.4K
$521.9K – $695.8K
NOI $41,750 @ 7.0% cap · market cap 6.74%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,352
Businesses Nearby
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Business Placement
Demographics for 97030, OR
39,492
Population
16,500
Households
2.4
Avg Household Size
37
Median Age
21%
College-Educated
88%
High-School Grad
7.5 sq mi
ZIP Area
5,266
Density / Sq Mi
$61,793
Median Household Income
$40,352
Median Earnings
$1,604
Median Rent
$418,100
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Duplex - Both residences are occupied by month-to-month tenants, with substantial exterior and mechanical updates already completed.
Where is this duplex located?
The property is located at 480 NE 18TH St Gresham, OR.
What is the asking price?
The asking price for this property is $619,000.
What are key features of this property?
This property features: Two 3‑bedroom, 1.5‑bath units, each with 1,305 square feet; New high‑efficiency electric furnaces, HardiePlank siding, windows, and roof; One‑car garage and driveway parking for two vehicles at each unit
